Springfield daily republic. [volume] (Springfield, O. [Ohio]) 1887-1888, 1887-07-02

His fellow conspIrators detected his little
game and hauled him over the GOALS Before
this quarrel in the clique had been settled
the bears made a terrific raid on the market.
The clique brokers telegraphed in vain for
funds with which TO fight. Over the wires
flew a rumor that the Cincinnati bank, whose
chief owner was the leader Of the clique, had
closed its doors and then the cyclone struck
the wheat pit and left ruin in its wake.
The collapsed corner was huge one. Into
it. in one way or another, the clique must
have put something like eight or ten millions
of dollars. In cash wheat they had nearly
four millions, and on forty millions or more
bushels OF option holdings il is thought they
had placed, before abandoning the field, an
average margin of ten or twelve cents. Ihe
expense of carrying their cash wheat. elevator
charges, interest at bank, etc, was s6OO, 900 .
month Probably one half of the whole sum
invested on clique account is lost.
A good many Chicago men made money on
the break Not a few were lucky enough to
get 00OO for 500 as the result of All invest
ment covering two or three hours During
the last three days Of the fight speculation
WAS carried on here on most astounding
scale, something like l00,OOO,0Oo bushels
changing hands on margin during that time.
The country has really reaped benefit from
'ne'''"e' Na' 80. -,
We're marketed at the ar'ihci"i price "n0h
the clique managed to create, and though but
little of this reaches the farmer dire rtctly,
country grain buyers are glad the corner WAS
started But greater general benefit than
this NAV he discerned This collapse has
killed the corner business for years to come.
IL will In. many a day before another clique
summons up enough courage I" attempt COT
herins .ne market. rus immunity i'ou' ma
nipuiation has been purchase" al 'he price oi
so"d h""i III "o'ts anu 'e"'P''"is "',".p
hhce "i Naine>' put was cheap anu Tue
country nas uhe a"ii'i''a' = sAli''"v''n 'i ~
knowing that the corherefs were the cniei
losers, ana ttat Ill "eeh "' WV ,"e
VIII again rea''h It's norman eon"'''oh'
1t is the fashion to condemn gram corners
as injurious to the business interests OF the
country, hut the facts scarcely Dear out TINS
view. The hrst and hevitahe result oi
corner Is To advance prices ana stimulate
marketing of products, ana the country,
having gram to sell rather thah 10 pny, Proi-
its by the manipulation Inc country al
ways takes advantage "i 'ne ai''hc'ai prices
created 10y corners 10 hiarhe. what lrouuct !"
has on manu. anu Mouio pe so'u 'uns
Tor the Farmers IL Inere "e'o e''he' e~eh
year
Contrary TO the general impression, corners
are generally disastrous. The first corner
was in 1861, when d. r. hutchinson, oid
Hutch took advantage OF the fact that there
was only miliioh busheis IN store' anu ioiceu
| the price up from & 10 10 S2o3. Then ne
sold out, and prices came down w cents Id
day. In 1877 John b. Lyon tried 70
corner wheat. forced the price TO $LS
was then unable To put up more margins, and
the price dropped p cents IN half an hour,
| and ~ cents the next day In 1874 JACK
| Sturges and b. +. Allen ran corn corner
which bankIupted them both and closed the
doors of the Cook County bank jim heene
and his associates managed 10 make success
of one corner, but IN attempting second
lost upwards OF 8, ,Wo,o". r u. Armour,
! Peter McGeoch and other Milwaukee men
have carried several successful deals, which
| were shrewd manipuiatlons rather than